Molson Coors to quadruple hard seltzer production in Canada MarketWatch 5 hrs ago
MARKET PULSE
Molson Coors Beverage Co. said Wednesday that it will increase hard seltzer production in its Canadian facilities by 300%, between owned and third-party facilities. Hard seltzers are fairly new in Canada, but Vizzy and Coors Seltzer have already proven to be hits, said Frederic Landtmeters, president of Molson Coors in Canada, in a statement. Molson s hard seltzers launched in Canada in March. The production move is part of a $100 million investment in the hard seltzer business, and will mostly go towards the Toronto brewery, which should be producing hard seltzer by winter 2022. Molson expanded its U.S. hard seltzer production by 400% in 2020. Molson s stock has climbed 21.7% for the year to date while the S&P 500 index is up 9% for the period.
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Bubbles, anyone?
Molson Coors Beverage Co.’s Canadian arm is betting about $100 million that a pair of sparkling alcoholic drinks can add some fizz to sales as the company expands beyond the beer aisle.
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Molson Coors is rolling out Vizzy and Coors Seltzer, its first entries in the “hard seltzer” category, across Canada in early April.
The $100-million figure includes development, marketing, distribution and packaging costs, and represents the company’s biggest product-launch budget in about a decade, according to Molson Coors Canada president Frederic Landtmeters.
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